In simple terms, annuities refers to a stream of payments (or income) given out over a specified time period. Relevant to our business operations, annuity is a type of insurance policy or contract issued by an insurance provider, that helps you prepare for retirement with regular payments either immediately or some point in the future. As these retirement annuities are complicated and come with some risks, like any other financial instrument, it is important for us that people get educated on the different types of annuities, tax implications, and risks and benefits involved.